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Foreclosures

wintermichiganlakeBuying a foreclosure property is not for the faint hearted or the inpatient!

Having previously posted on foreclosures, I thought I would revisit the subject. After thinking I have heard it all, I have been seeing more and more incompetence on the part of a lender. After searching several parcels of land, spotting what could be a sweet building site for a client, a foreclosure property was waiting for a new owner.

The offer was presented. A counter offer was made by the bank and then  later accepted by the purchaser. The next step for the buyer was to sign the buyer addendum, a several page document required by the lender, protecting themselves with all kinds of waivers from the buyer.

A few days later, the lender decided to resend the deal. It seems as if they discovered some liens they were responsible for, but were not aware of when the offer was signed. The next day, another communication arrived from the lender, this time stating they were now going to move forward with the deal.

A few days later, with the title work process started, it was determined that the property does not actually belong to the bank. While would like to say I have gotten to the bottom of all of this, I am afraid I still have more digging to do. I am sure there is more to this story, I will keep you informed. My point today is one should not have to put up with this type of ineptitude.

From the amount of posts out there, it is obvious that this type of frustration is shared by buyers and realtors from all areas. One post in particular expresses it very well.

I think when working with lenders as sellers, realtors more than earn their commission. I canít believe I wrote that.

Written by Dave.